If you have 800 credit score or above, you can always have the best deals on life’s largest purchases. An impressive score, you not only have to pay less in interest but can also manage effectively all your monthly payments. Further with an unlimited buying power at 800, you can easily get a very good loan with good terms.
No matter what your credit score is, you can always achieve 800 score and come out from the debt to enjoy the best deal. Getting out from the Catch 22 situation will always let you score as high as possible and you will always have the substantial money to bail yourself out!
Methods of acquiring a good credit score
Never try to miss a payment because, if you have a good score and if you miss even a single payment, your score can go down to 110 points. If you are aiming for 800 credit score and above, always keep your balances low but limits high. Maintain the balance below 50% of your limits. When the balance is 50% below the limit, the score is ought to increase significantly. Another method of acquiring a good score of 800 and above is by mixing of credits. The two main categories for a good mix of credit are – Revolving accounts (primarily credit cards) and Installment accounts (Loans where you pay a fixed amount each month like car loan, mortgage etc). Next, never apply for a credit card that you don’t need. At the same time do not close account either. When you close an account, you actually lower the amount of credit that is available to you. And on the other hand, if you carry balances on any other card, the card utilization will surely go up and your credit score will definitely go down. Lastly, try to keep your debt as low as possible.
Advantages of a good score
Lending policies, terms and conditions, often vary from lender to lender. But no matter what they are, if you have a good score you have a better chance of getting any loan. At 800 credit score, it is not possible for any lender to refuse you from giving loans. An impressive score, you will be offered loans you want and that too at the best rates. With the smallest percentage of default in your score card, you can enjoy much better interest rates. In addition, you can save substantial money on insurance and security deposits on new utilities.
Maintaining a good credit score
800 credit score is very hard to maintain but if you keep a close watch on the factors that are used to calculate credit score, you can easily do it. The five key factors are – your payment history, level of debt, credit age, mix of credit and recent credit. Next, manage your debt efficiently and watch your credit card report throughout the year. Lastly, see that you limit your applications for new credit cards. At 800 credit score or above, your hard earned dollars will never be at stake. You can enjoy real financial awards. So be disciplined in your spending and boost up your credit score to enjoy the benefits!